Creating or Managing Discounts in TIEIT
Overview
Discounts are a vital part of your business, and TIEIT makes managing them simple. Whether you're applying them to invoices, estimates, or subscriptions, this guide covers it all. Discounts also form the backbone of customer-facing promo codes, enabling you to create and manage these codes to maximize sales through payment forms. If you’re integrated with QuickBooks or Sage, you can map discounts to specific Chart of Accounts (CoA), giving you the flexibility to reflect them in the revenue or discount sections of your accounting reports accurately.
In This Article
How to Add a Discount
- Navigate to Discounts:
- Go to the Transactions menu.
- Click on the More menu (represented by the three dots
...). - Select Discounts.
- Adding a New Discount:
- Click on the Add New Discount button.
- Fill in the required fields:
- Name: Enter a descriptive name for your discount.
- Rate: Specify the discount amount or percentage.
- Type: Choose whether the discount is Fixed or Percentage-based.
- Recurring: Decide if this discount is a one-time or recurring discount.
- If an accounting software is integrated, select the appropriate CoA Account from the dropdown.
- Save Your Discount:
- Click Save to apply the discount settings.
Applying Discounts to Invoices, Estimates, and Subscriptions
- Discounts can be applied directly to invoices and estimates.
- For recurring discounts, ensure that they align with the subscription's recurring period to maintain consistency.
Note: Promo codes used by customers on payment forms are linked to discount codes. Ensure that the promo code is associated with the correct discount for seamless application during transactions.
Managing CoA Account Mappings for Discounts
When yourTIEIT account is integrated with Sage or QuickBooks, you can map discounts to specific Chart of Accounts (CoA) entries.
- Set Default CoA Account Mapping:
- Navigate to your profile picture, go to Settings > Company Settings > Transaction Settings > Sage or QB app settings.
- As a super admin or owner, specify the default Discount Account mapping.
The gif and screenshot both illustrate how to configure the default Discount Account Mapping for Quickbooks but the same can be done for Sage from the Sage app configuration found below Quickbooks.
- Override Default CoA Mapping:
- When creating a discount, select a different CoA Account from the dropdown to override the default setting.
FAQ
Q: How do I ensure that a discount maps to the correct CoA Account?
A: When creating a discount, make sure to select the appropriate CoA Account if you need to override the default mapping. This option is available when your accounting software is integrated.
Q: Can I apply the same discount to multiple subscriptions?
A: Yes, you can apply the same discount to multiple subscriptions as long as they have the same recurring period.
Q: What should I do if the CoA Account dropdown is missing?
A: The CoA Account dropdown will only appear if your TIEIT platform is connected with Sage or QuickBooks. Ensure that the integration is correctly configured and connected in Settings > Company Settings > Transaction Settings > Sage or QB app settings.
Q: Can I apply the same discount to multiple promo codes?
A: Yes, you can create multiple promo codes and relate it to the same discount.